Odd Grant from Foundation Offers $1 Million Incentive for On-Time Bridge Repairs

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December 13, 2011; Source: Courier JournalThe Sherman Minton Bridge over the Ohio River connects Kentucky and Indiana, and according to the president of the casino-financed Horseshoe Foundation, its being closed for repairs is having a serious impact on New Albany. For this reason, the foundation is offering a $75,000-a-day incentive for completing the work early. An additional $250,000 will be made available if the bridge is completed and reopens before January 27.

The total $1 million in incentives being offered by the foundation will be added to $5 million that Hall Contracting can earn from the Indiana Department of Transportation for completing the work before March 1.

The foundation only gives to government or charitable organizations, so it will not give money directly to Hall Contracting, but the New Albany Redevelopment Commission agreed Tuesday to act as intermediary. NPQ has never heard of a similar grant—have you?—Ruth McCambridge